National Express Group PLC Director/PDMR Shareholding (2724V)
April 14 2016 - 11:48AM
UK Regulatory
TIDMNEX
RNS Number : 2724V
National Express Group PLC
14 April 2016
NATIONAL EXPRESS GROUP PLC (the 'Company')
Notification of transactions by Persons Discharging Managerial
Responsibilities ('PDMRs')
The Company announces the following transactions.
On 11 April 2016 the Directors/PDMRs set out below exercised
their Performance and Matching Share Awards granted on 10 April
2013 ('2013 Awards') under the Company's 2005 Long Term Incentive
Plan ('LTIP') and subsequently acquired and sold on 13 April 2016
the number of Ordinary shares of 5 pence each ('Shares') set out
below. The sale price was GBP3.397536 per Share. The personal tax
and national insurance contribution liabilities for each
Director/PDMR arising from the exercise will be paid out of the
proceeds of their respective sales.
Name of Number of Number of Total interest Total
person discharging Shares acquired Shares sold in Shares interest
managerial under the (including in Shares
responsibility 2013 Awards those held held under
/ director by connected long-term
persons) incentives
following (including
transaction deferred
Shares
under
the Executive
Deferred
Bonus
Plan)
--------------------- ----------------- ------------- --------------- ---------------
Dean Finch,
Group Chief
Executive 453,283 453,283 294,598 2,296,936
--------------------- ----------------- ------------- --------------- ---------------
Matthew
Ashley,
Group Finance
Director 148,522 129,228 87,891 564,209
--------------------- ----------------- ------------- --------------- ---------------
The performance period relating to the Awards ended on 31
December 2015. Details of the performance conditions and the extent
to which they have been satisfied are set out below and on page 87
of the Company's 2015 Annual Report:
Performance Weighting Threshold Maximum Actual % vesting
Condition performance performance Performance
required (30% required
vesting) (100% vesting)
------------- ---------- --------------- ---------------- --------------- ----------
Between
median
and upper
quintile
Median of Upper quintile (7(th)
TSR ((1) comparator of comparator out of
) 50% group group 15 companies) 46.7%
------------- ---------- --------------- ---------------- --------------- ----------
EPS ((2) 2015 EPS of 2015 EPS
) 50% 22.1p of 24.7p 24.8p 100%
------------- ---------- --------------- ---------------- --------------- ----------
Total 100% 73.4%
------------- ---------- --------------- ---------------- --------------- ----------
1 TSR was measured against a bespoke comparator group of
transport companies taken predominantly from the FTSE Industrial
Transportation and FTSE Travel & Leisure sectors.
2 The Remuneration Committee considered and agreed changes to
the performance conditions for outstanding Awards made under the
previous 2005 Long-Term Incentive Plan whereby the growth in EPS
for outstanding Awards under this plan would be based on a
consistent accounting basis to exclude actual bid costs incurred.
This adjustment serves to ensure that the EPS element of the LTIP
continues to incentivise and reward delivery of normalised EPS
growth now that bid costs, with effect from 1 January 2015, are
treated as a normalised expense which has the impact of reducing
normalised EPS in 2015 and subsequent years. Bid costs of GBP9.2m
for 2015 were added back to the normalised EPS of 23.4p to give an
outcome of 24.8p for the LTIP awards tested at the end of the
year.
Place of transaction: London
This notification is made in accordance with DTR 3.1.4 R(1).
Joy Baldry
Deputy Company Secretary
14 April 2016
Enquiries:
Maitland
Rebecca Mitchell 07951 057351
This information is provided by RNS
The company news service from the London Stock Exchange
END
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